Update: Setup invalidated
Hi Traders! We have USDCAD potential sell opportunity forming at the moment. A detailed analysis of this setup is as follows:
USDCAD H4 Chart:
On the H4 chart after the initial move down, the price is now moving inside a corrective pattern in the form of a wedge. Currently the price is at the top of this wedge pattern and if we didn’t get a valid breakout at the top, we may then expect the price to move lower until it reaches the bottom of this range. Once the price reaches the bottom look for a valid breakout to happen and then we may look to short this pair. We may look for sells as long as the zone marked in the image holds.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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